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Hi everyone,
I have 2 default notices that are both due to come off my credit file on June 6th 2014. I got them in 2008 shortly after finishing University and whilst I was living in shared accommodation where all the bills were in my name. Long story short, I buried my head in the sand and looking back I could've handled the situation better. But, what's done is done and I am almost at the end of the long road. I will always be grateful to websites like this.
I hope to be in a position to apply for credit so I can move forward in my life. i.e. getting a house with my girlfriend so rest assured LB, I do not intend on using credit for frivolous purchases. It's ironic that you have to have credit in order to get credit! My plan is to apply for a modest credit card with my bank, demonstrate I can manage finances and then ultimately apply for a mortgage with them.
I have subscribed to Experian and Equifax for 30 days to ensure they come off on time but I have 3 questions.
1. If both defaults come off on June 6th - how long would I have to wait before I could apply for credit?
2. How long do lenders keep information regarding failed applications? I naively applied for a credit card with my bank in May 2013 when I would've had 4 defaults on my report at the time. If I applied for a card in say July 2014 could they see that failed application from May 2013 still or would it be treated as a new application.
3. One of the defaults coming off still has a balance left on it - £930 which is with a collections agency (Lowell). I fully intend on paying the whole amount and have a monthly DD of £60 paying it off. My question is, is there any way Lowell could sell that 'debt' to another agency to try and recoup the full amount in one go?
Incidentally, I have not made a credit application of any kind since May 2013. In 2008 I had 4 defaults. As of June 2014, 3 have been paid in full and satisfied. As I mentioned, only 1 has a balance on it but that will be coming off my report. I have not had a missed payment, utility bill, phone contract bill for 2 years so hopefully these will all be positive markers.
Thank you in advance to anyone who can assist.
I have 2 default notices that are both due to come off my credit file on June 6th 2014. I got them in 2008 shortly after finishing University and whilst I was living in shared accommodation where all the bills were in my name. Long story short, I buried my head in the sand and looking back I could've handled the situation better. But, what's done is done and I am almost at the end of the long road. I will always be grateful to websites like this.
I hope to be in a position to apply for credit so I can move forward in my life. i.e. getting a house with my girlfriend so rest assured LB, I do not intend on using credit for frivolous purchases. It's ironic that you have to have credit in order to get credit! My plan is to apply for a modest credit card with my bank, demonstrate I can manage finances and then ultimately apply for a mortgage with them.
I have subscribed to Experian and Equifax for 30 days to ensure they come off on time but I have 3 questions.
1. If both defaults come off on June 6th - how long would I have to wait before I could apply for credit?
2. How long do lenders keep information regarding failed applications? I naively applied for a credit card with my bank in May 2013 when I would've had 4 defaults on my report at the time. If I applied for a card in say July 2014 could they see that failed application from May 2013 still or would it be treated as a new application.
3. One of the defaults coming off still has a balance left on it - £930 which is with a collections agency (Lowell). I fully intend on paying the whole amount and have a monthly DD of £60 paying it off. My question is, is there any way Lowell could sell that 'debt' to another agency to try and recoup the full amount in one go?
Incidentally, I have not made a credit application of any kind since May 2013. In 2008 I had 4 defaults. As of June 2014, 3 have been paid in full and satisfied. As I mentioned, only 1 has a balance on it but that will be coming off my report. I have not had a missed payment, utility bill, phone contract bill for 2 years so hopefully these will all be positive markers.
Thank you in advance to anyone who can assist.
